Another big TV consolidation deal is in the works.
Tonight, Cincinnati-based E.W. Scripps, and Journal Communications of Milwaukee, announced they will merge their broadcasting operations, while spinning off their newspaper businesses into a new entity. As a result of the deal, which is expected to close in 2015, Scripps will be the 5th largest TV station ownership group operating 34 television stations in 24 cities, reaching 18 percent of the U.S. It will also own 35 radio stations. Five markets will include TV/radio combos. Interestingly, unlike other recent TV acquisitions, none of the TV stations will overlap in the same markets.
Scripps Stations:
WCPO (ABC) Cincinnati
WEWS (ABC) Cleveland
WXYZ (ABC) Detroit
WMYD (MyNet) Detroit
KMGH (ABC) Denver
KZCO (Azteca) Denver
KNXV (ABC) Phoenix
WFTS (ABC) Tampa
WMAR (ABC) Baltimore
WRTV (ABC) Indianapolis
WKBW (ABC) Buffalo
KGTV (ABC) San Diego
KZSD (Azteca) San Diego
KJRH (NBC) Tulsa
KSHB (NBC) Kansas City
KMCI (Ind.) Lawrence/Kansas City
WPTV (NBC) West Palm Beach
WFLX (FOX) West Palm Beach
KERO (ABC) Bakersfield
KZKC (Azteca) Bakersfield
Journal Stations:
WTMJ (NBC) Milwaukee
WGBA (CW) Green Bay
WACY (NBC) Green Bay
WTVF (CBS) Nashville
KTNV (ABC) Las Vegas
WFTX (FOX) Fort Myers
KGUN (ABC) Tucson
KWBA (CW) Tucson
KNIN (FOX) Boise
KIVI (ABC) Boise
KMTV (CBS) Omaha
WSYM (FOX) Lansing
The combined broadcasting company will be headquartered in Cincinnati while the new publishing company will be headquartered in Milwaukee. The flagship newspaper will be the Milwaukee Journal Sentinel, but most of the publishing properties will come from the Scripps portfolio stretching from Redding, CA to Naples, FL. Edward Scripps founded the company in 1878.
In 2011, E.W. Scripps acquired the McGraw-Hill TV stations group of 9 stations for $212 million.
As WCPO, a Scripps station, reports the deal is a “tax-free transaction that makes shareholders of both companies owners of the surviving entity. Scripps shareholders will own 59 percent of the newspaper company following the transaction and 69 percent of the post-merger broadcast company.”